Egypt’s OUD posts $60m sales for Suez Canal Economic Zone
Contracts will reportedly be finalised after licences are granted by the country's Industry Development Authority
Egyptian real estate developer Oriental for Urban Development (OUD) reportedly confirmed that it had recorded $60.6m in sales from its Suez Canal Economic Zone industrial city project to date.
According to Thomson Reuters, OUD’s head of sales, Shady El-Zayat, said contracts would be finalised with investors once licences had been granted by the country's Industrial Development Authority.
Located in Ain Sokhna, the project will be developed in five phases at a total cost of $15.8bn, and will include industrial and commercial units, warehouses, entertainment and exhibitions areas, residential complexes, and a hotel.
OUD is a subsidiary of Oriental Weavers Group, reportedly among the largest carpet and rug manufacturers in the world.